Yamaha 2007 Annual Report Download - page 41

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79 Yamaha Annual Report 2007 80
25. SUBSEQUENT EVENTS
The Company has sold a portion of its shares of in Yamaha Motor Co., Ltd. (“Yamaha Motor”)
(1) The principal background developments leading to this decisions were that, as the scale of operations of Yamaha Motor has expand-
ed, the market value of Yamaha Motor shares held by the Company has grown, and Yamaha Motor, which is accounted for under the
equity method in the accompanying consolidated financial statements, has come to exert a larger influence on the consolidated per-
formance of Yamaha. By selling a portion of its shareholdings in Yamaha Motor, the Company will be able to use the proceeds for
“growth investments” and “providing a higher return to its shareholders.” In addition, by excluding Yamaha Motor from the scope of
the equity method, the Company will be able to eliminate the risk of fluctuation in performance of Yamaha Motor, which has different
core businesses, on its own performance, thus leading to greater transparency of the Company’s own performance.
(2) Name and business of consolidated affiliate accounted for by the equity method
Name: Yamaha Motor Co., Ltd.
Business: Development, manufacture, and sale of motorcycles, marine related products, power products and other products
(3) Name of counter parties, date of sales, numbers of shares sold, sales price, proceeds from the sales, and equity ratio after the sales
Block Trades via
Name of counter parties Mitsui & Co., Ltd. a Securities Company
Date of sales May 22, 2007 May 23, 2007
Numbers of shares sold 8,586,000 shares 13,685,000 shares
Sales price ¥24.3 billion ¥38.2 billion
Proceeds from the sales ¥11.0 billion ¥16.8 billion
Equity ratio after the sales 19.7% 14.9%